Orchestra BioMed (NASDAQ:OBIO) Trading 3.4% Higher – Here’s Why

Shares of Orchestra BioMed Holdings, Inc. (NASDAQ:OBIO) shot up 3.4% during trading on Friday . The stock traded as high as $4.35 and last traded at $4.23. 38,786 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 82,799 shares. The stock had previously closed at $4.09.

Analyst Upgrades and Downgrades

Several research firms have recently commented on OBIO. Chardan Capital reiterated a “buy” rating and issued a $20.00 price target on shares of Orchestra BioMed in a research report on Wednesday, November 13th. Barclays began coverage on shares of Orchestra BioMed in a research report on Thursday, January 2nd. They set an “overweight” rating and a $16.00 target price on the stock. Finally, HC Wainwright restated a “buy” rating and set a $14.00 target price on shares of Orchestra BioMed in a research report on Friday, November 15th.

Orchestra BioMed Price Performance

The stock’s 50-day moving average is $5.18 and its 200-day moving average is $5.38. The stock has a market cap of $160.80 million, a price-to-earnings ratio of -2.63 and a beta of 0.59.

Hedge Funds Weigh In On Orchestra BioMed

A number of large investors have recently bought and sold shares of the stock. Millennium Management LLC purchased a new position in Orchestra BioMed during the fourth quarter worth approximately $86,000. Bank of America Corp DE raised its stake in Orchestra BioMed by 42.0% during the fourth quarter. Bank of America Corp DE now owns 23,780 shares of the company’s stock worth $95,000 after purchasing an additional 7,036 shares during the period. Boxer Capital Management LLC purchased a new position in Orchestra BioMed during the fourth quarter worth approximately $953,000. Northern Trust Corp raised its stake in Orchestra BioMed by 2.5% during the fourth quarter. Northern Trust Corp now owns 236,761 shares of the company’s stock worth $947,000 after purchasing an additional 5,725 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in Orchestra BioMed by 11.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 37,009 shares of the company’s stock worth $148,000 after purchasing an additional 3,704 shares during the period. Hedge funds and other institutional investors own 53.55% of the company’s stock.

Orchestra BioMed Company Profile

Orchestra BioMed Holdings, Inc operates as a biomedical innovation company. The company’s flagship product candidates include BackBeat Cardiac Neuromodulation Therapy (CNT) for the treatment of hypertension (HTN); and Virtue Sirolimus AngioInfusion Balloon (SAB) for the treatment of atherosclerotic artery disease.